Misfortune and Mistake: The Financial Conditions and Decision-Making Ability of High-Cost Loan Borrowers
研究高成本贷款需求是否源于财务困难（不幸）或决策失误（错误），利用冰岛银行数据发现借款人贷款前流动性极低，且决策能力低下者占贷款金额的45%，表明两种因素共同驱动需求。
The appropriateness of many high-cost loan regulations depends on whether demand is driven by financial conditions ("misfortunes") or imperfect decisions ("mistakes"). Bank records from Iceland show borrowers have especially low liquidity just before getting a loan. Borrowers exhibit lower decision-making ability (DMA) in linked choice experiments: 45% of loan dollars go to the bottom 20% of the DMA distribution. Standard determinants of demand do not explain this relationship, which is also mirrored by the relationship between DMA and an unambiguous "mistake." Both "misfortune" and "mistake" thus appear to drive demand.